Gold Still Softer After U.S. Jobless Claims Rise 11,000 To 222,000

Gold remained on the defensive after Labor Department data Thursday showed that initial weekly U.S. jobless claims rose by 11,000 to a seasonally adjusted 222,000 in the week to Saturday.

As of 8:37 a.m. EDT, Comex June gold was trading down by $3.30 for the day to $1,288.20 an ounce. Four minutes ahead of the report, the metal was at $1,287.50.

Consensus expectations compiled by various news organizations had called for initial claims to be around 215,000. The government left the prior week’s tally unrevised at the previously reported 211,000.

Gold came into the New York trading session on the defensive in response to a stronger U.S. dollar as Treasury yields keep rising, analysts said.